To this date, the Canadian government via CRA still ensures that all seniors that meet the requirements put in place get the Old Age Security (OAS) payments. Even if there are discussions and rumours that it is to be raised to $1250 for October 2024, this is still not confirmed.
At the time of writing, OAS payments vary from $718.33 to $790.16 based on age and certain conditions. Some beneficiaries may also be eligible for the guaranteed income supplement, raising the total monthly income to $2157 or $ 1840 if sharing a home with a spouse or companion.
October 2024/OAS Payment details
The next OAS payment will be in October 2024, it is expected to be deposited on 25th October . This payment is indexed annually with reference to the CPI, and its increase at the rate of 0.7% has been made this month.
The amount that can be received by seniors varies depending on age: $718.33 for the age of 65 to 74; $790.16 for the ages of 75+. Low-income earners earning less than $52,176 annually receive additional financial support through GIS which may result in an overall, higher monthly payment.
Still No $1250 Payment Confirmed
There are some published sources that point out the increase OAS payments to $1250 in October 2024, but they lack the government’s support. The CRA keeps on processing OAS and GIS regular monthly payments that depend on the income plus the age to date, no official has declared a massive rise up to $ 1250.
Eligibility for OAS Payments
They must have been a resident of Canada, be at least 65 years of age and a Canadian citizen or landed immigrant or status Indian and have lived in Canada for a least 10 years to be eligible for OAS payments. Also, all those who earn less than $142, 609 per annum qualify for the full amount of OAS benefit.
Healthier individuals, those between the age of 65 and 75, who earn over $111,129 will need to pay more while for those over the age of 75, payments will only be required once the income exceeds $148,179.
Public Alert – $1250 OAS Rumors
There are always rumors floating especially in social media that there is a plan to increase OAS payments because of some misconception or false information. So far there is no official word from the government about $1250 for the October payment but it is prudent to consult official communication for information on OAS and other pensions. The best source of information to turn to for updates on payment changes is usually the Canadian government or CRA.
